An effective estate plan begins with a will or living trust. While a will provides instructions regarding how you wish to have your property distributed upon your death, it does not avoid probate. However, a trusts attorney in Broadway North Carolina can advise you about various types of trusts that you can create which do not need to go through probate. A trusts attorney in Broadway North Carolina can help you reduce your estate taxes and ensure that your property is protected from creditors by creating a trust appropriate for your unique circumstances and wishes.
Any assets titled in your name or included in your will must go through probate before they can be distributed to your heirs. The probate process is a notorious headache. In addition to requiring the payment of legal fees, executor fees, and court costs, the process can take anywhere from six months to two years to complete. One of the reasons why trusts are often used as an estate planning tool is to avoid probate.
Trusts can also be created for specific purposes. For example, a trust can be created with assets that can be managed by the trustee of your selection until your beneficiaries reach a specific age. Or, you could create a trust that continues longer to provide for a loved one with special needs, or to protect the trust’s assets from irresponsible spending, or a beneficiaries’ creditors and/or spouses. If your health is failing, you could create a living trust in order to provide for your incapacity without interruption or unnecessary court costs. If you have a will, you could also create a revocable living trust that would transfer the remaining assets of your estate into the trust upon your death. You should consult with a wills and trusts attorney to accurately determine what would work best for you.